Life Insurance: What we want

CANSTAR analysis of 10,000 online searches over the past 12 months highlights what Australians are looking for when it comes to a life insurance policy. CANSTAR announces national Life Insurance – Outstanding Value winners.

How much life insurance do you need? Which professions are more likely to be checking their life insurance options? What type of life insurance are people looking for? CANSTAR has analysed the search behaviour of more than 10,000 visitors comparing life insurance on the canstar.com.au comparison tables to find some insights about what we  look for.

“Encouragingly, Australians seem keen to insure themselves for a robust amount of money in terms of their term life insurance needs,” said CANSTAR Editor in Chief, Justine Davies.

“More than forty percent of searches on the canstar.com.au life insurance comparison tables are for a sum insured of one million. The other two most popular sum insured amounts are $1.5 million and $750,000 at 18 percent and 16 percent respectively. To me this indicates that people are thinking quite seriously about the level of protection they need.”

Who looks for insurance?

Across the 10,000 online searches, the most common occupation group identified was white collar professionals (25%) followed by senior white collar executive (21%). Clerical roles (14.5%) were the next most-commonly identified, while less than 10 percent of online searches identified as Blue Collar or as being in a Blue Collar occupation.

“In terms of age, 35, 40 and 45 are the three single most common ages for people to be searching for life insurance on canstar.com.au,” said Ms Davies.

“Approximately one-third of all searches are from those three year groups alone. Probably not surprisingly, the years between thirty and forty overall account for a large portion of the visitors to our life insurance comparison tables. It’s a time of life when many people are taking on debts, building their careers and of course increasing their family size.”

The type of life cover sought

In terms of popularity, income protection insurance attracted the highest volume of searches, at 52 percent, followed by Term Life insurance (27%), Total and Permanent Disability insurance (12%) and Trauma insurance (9%).

Outstanding Value Life Insurance Winners

Life Insurance 2016 national winnersEvery year CANSTAR undertakes a mammoth research project to compare the price and features of products available to licensed financial advisers; this time around, CANSTAR has researched products offered by 13 insurance giants across the spectrum of stand-alone term life insurance, trauma, TPD or disability insurance and income protection.

This year sees two national winners for the overall CANSTAR Outstanding Value – Life Insurance Australia award: ClearView and OnePath.

“This is the ninth year we have conducted this research and the quality of the five star-rated products we see continues to increase,” Ms Davies said. “ClearView and OnePath both deserve congratulations for their national achievement in a very competitive market, both with an impressive balance of product price and product features.

In addition to the national award, CANSTAR also awards insurance providers for specific life insurance products and this year the CANSTAR analysis has provided the following product-specific winners:

Profile Winner
Term Life  CANSTAR 2016 - Outstanding Value - Life Insurance - Term MLC Insurance

Zurich Australia

TPD  CANSTAR 2016 - Outstanding Value - Life Insurance - TPD Zurich Australia

ClearView

Trauma  CANSTAR 2016 - Outstanding Value - Life Insurance - Trauma OnePath

AIA Australia

Income Protection CANSTAR 2016 - Outstanding Value - Life Insurance - Income Protection TAL

ClearView

Packaged  CANSTAR 2016 - Outstanding Value - Life Insurance - Packaged OnePath

MLC Insurance

 

CANSTAR’s Life Insurance Star Ratings can be viewed here. The Research Team is available for more detailed comments on the winning products.

 

For further information:

Justine Davies

Editor in Chief

Ph. (07) 3837 4151 |  0400 127733

justine.davies@canstar.com.au

 

About CANSTAR

CANSTAR provides Australia’s interactive online research service in consumer and business finance. Founded in 1992, CANSTAR Pty Limited is Australia’s researcher of retail finance information for over 250 institutions such as Banks, Building Societies, Credit Unions, Finance Companies, Brokers, Mortgage Originators, Life Companies and finance related Internet Portals. CANSTAR customers use the extensive database for competitor analysis as well as a means of disseminating their product range. CANSTAR also distributes this information to print and electronic media for publication and to Agents, Accountants, Brokers and Internet Portals for use in advising their clients.

What are the CANSTAR star ratings?

CANSTAR researches, compares and rates the suite of banking and insurance products listed below. Results are freely available to consumers who use the star ratings as a guide to product excellence. The use of similar star ratings logos also builds consumer recognition of quality products across all categories. Please access the CANSTAR website at www.canstar.com.au if you would like to view the latest star ratings reports of interest.

 

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COMPLIANCE DISCLOSURE and LIABILITY DISCLAIMER

To the extent that the information in this report constitutes general advice, this advice has been prepared by CANSTAR Research Pty Ltd A.C.N. 114 422 909 AFSL and ACL 437917 (“CANSTAR”).  The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs.   Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs.  You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product.  CANSTAR provides information about credit products. It is not a credit provider and in giving you information it is not making any suggestion or recommendation to you about a particular credit product.  Please refer to Canstar’s FSG for more information.

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